The Ibex’s diem horribilis

The major European markets closed Wednesday in the negative, with losses of -0.93% for London and -0.78% for Frankfurt, while Paris scored +0.42%. But Milan with -2.6% and Madrid suffered the biggest falls. The Spanish stock market dropped 2.55% today and recorded a new annual minimum (6831.9 points) hurt by the slowdown in industrial activity in Europe, weak job creation in the United States and the decline of the banking sector. The hit could have been worse as during the session the index came to be over -3%, that is approaching the lowest levels of 2003.

With the risk premium of 422 basis points, the benchmark index of the Spanish market, the IBEX 35, fell 179.10 points, the eighth largest fall of the year, thus continuing at levels similar to those recorded in March 2009. The annual decline amounts to 20.25%.

About the Author

Victor Jimenez
London contributor at thecorner.eu, reporting about the City and the Eurozone economies. He regularly writes for Spanish newspaper group Prensa Ibérica--some of his features include shared work with journalists of The Daily Telegraph and the BBC.

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